March 27, 2024
Fear & Greed Index Signals Greed in Bitcoin Surge
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Fear & Greed Index Signals Greed in Bitcoin Surge

The Crypto Fear and Greed Index has entered ‘extreme greed’ territory, marking a pivotal moment as the crypto sphere eagerly anticipates the approval of a Bitcoin exchange-traded fund (ETF). As per the Crypto Fear & Greed Index, Bitcoin’s sentiment rating stands at 76 out of 100, its highest since reaching a peak value of $69,000 in mid-November 2021.

This sentiment gauge briefly hit “extreme greed” on December 5, scoring 75, coinciding with Bitcoin’s surge from $40,000 to $44,000 in just a day. Another instance of ‘extreme greed’ was noted on November 11, 2021, with a score of 77, occurring right after Bitcoin’s all-time high price. This index amalgamates data from six key indicators, including volatility, market momentum, social media, surveys, Bitcoin dominance, and trends.

When BlackRock proposed a spot Bitcoin ETF on June 15, 2023, the sentiment score was 41, residing in the ‘fear’ zone. However, within six days of this filing, the score surged to 59, transitioning into the ‘greed’ zone as other asset management firms followed suit.

The highest recorded sentiment score stood at 95 in June 2019, while the lowest plummeted to seven in June 2022, following the collapse of Do Kwon’s Terra ecosystem.

Image by freepik

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